The European Commission plans on reindustrialising most of the continent in a bid to return prosperity to the region.
At the moment, 16 per cent of Europe’s economy comes from industry. The executive body of the European Union wants this figure to be 20 per cent by 2020.
Officials have concluded that the policy of effectively outsourcing production overseas is no longer a viable strategy – the continent needs to usher in a “third industrial revolution” to boost growth and create jobs.
The commission believes that it is in a “good place” to achieve a four per cent increase over the next eight years.
Europe is already a world leader in many key sectors, such as aeronautics, engineering, chemicals and pharmaceuticals, so focused investment is sure to have a decisive impact.
Antonio Tajani, vice president of the European Commission and commissioner for Industry and Entrepreneurship, said that it was important the continent keeps industry alive.
“Our figures are crystal clear: European industry can deliver growth and can create employment,” he stated.
“Today we tabled the conditions for the sustainable industry of the future in Europe, to develop the investments needed in new technologies and to rebuild a climate of confidence and entrepreneurship. By working together and restoring confidence, we can bring back industry to Europe.”
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